Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed the $8.89 million sale of Lemon Street Industrial Center, a 102,400-square-foot (sf) multi-tenant industrial business park in the High Desert submarket of the Inland Empire.
Avison Young Principal Al Pekarcik and Senior Associate Chris Smith who are both based in the company’s Irvine office, represented the seller, Arcadia-based Positive Investments, Inc. The buyer, Los Angeles-based Gofermor LLC, was in a 1031 exchange.
Built in 1986, the master-planned six-building property is situated on 11 acres at 17229 Lemon Street in Hesperia, CA, and is fully occupied by 17 tenants. The industrial center features 20-foot clear height, 200 parking spaces, 23 percent office build-out, and prominent monument signage. The project is located approximately 4 miles east of Interstate 15.
“The Hesperia industrial submarket has been seeing a low vacancy rate of under 2 percent for several quarters with a minimal amount of new development,” said Smith. “This tight High Desert submarket continues to experience strong tenant demand and has been capturing the attention of capital that is looking for new opportunities within the thriving Inland Empire industrial market.”
He noted that the sales team garnered a significant amount of investor interest due to the asset’s location, strong tenancy, and the team’s aggressive marketing campaign.
“Given the desirability of well-constructed, multi-tenant industrial product, investors from all of Southern California pursued the asset. Rent levels at the property have kept competitive with market rates, and the buyer will continue on with this strategy,” added Smith.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.